Requesting assistance

To receive assistance through the Innovation Hub you must submit an assistance request form. In order to apply, it is important to consider how the law might apply to your innovation and appoint the correct person from your business to input into your application. The 5 step application process is explained below.

ASIC will consider all requests for informal assistance through the Innovation Hub and aims to help as many businesses as possible. Whether we are able to offer your business assistance will depend upon the extent to which you are able to meet our eligibility criteria.

Before you request assistance, please review ASIC's published guidance and think about how the law might apply to your innovation. This will help us help you more effectively.

To request our assistance please complete the following form:

Assistance request form

Your answers to the questions in this form will help us to understand your business, and the type of help you need. It is a tool to help start our discussion - it is intended to be quick for you to complete, and not to be a barrier to seeking help.

To complete your application you will need to seek input from someone within your business with responsibility for the significant day-to-day decisions about the financial services you offer.

Submit any questions and your completed form (with any relevant attachments you wish to include) to us at innovationhub@asic.gov.au.

Assistance process

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Your submission

Submit your Innovation Hub assistance request form

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ASIC's assessment

We assess your request against the eligibility criteria and will provide a response in about one week

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ASIC's response

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We need more time

  • We require more time to assess your request
  • You will be kept informed of any progress.
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We need more information

  • More information is needed to assess your request
  • We will discuss what information is required with you by email
  • Once the information is provided, the assessment will continue.
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Does not meet criteria

The eligiblity criteria has not been satisfied.

  • An explanation will be provided and we will refer you to any relevant ASIC guidance that may support you moving forward
  • Once your business idea is more defined, reconsider
    applying for assistance.
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Meets criteria

Your request is eligible for assistance

  • Informal assistance will be provided by email

OR

  • A face-to-face or phone meeting will be held within 2–3 weeks from making your request, subject to availability.

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Your next step

Once you have considered any assistance or guidance from ASIC, you will need to work out how you will comply with any laws that apply to you. Your next step may include:

  • Operate as an authorised representative of another business
  • Make changes to your business model in light of assistance provided
  • Make a waiver application
  • If you already hold an AFS licence, meet compliance requirements (eg. register scheme or complete disclosures).
  • Make a formal licence application

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Your application

If you choose to make a formal application

ASIC's licensing team assigns a dedicated analyst to your application.

Timing

Typically, the process to request assistance through the Innovation Hub takes up to four weeks, but varies depending on the complexity and quality of your application.

Next steps

Your assigned Innovation Hub analyst will then assist you by providing informal advice as you prepare your licensing application and streamline the process as much as possible. They will provide support for 12 months once you have been licensed to help you understand your obligations.

To do

  1. Download the Innovation Hub assistance request form
  2. Address the eligibility criteria
  3. Read our information on licensing and regulation
  4. Appoint a suitable contact within your organisation
  5. Direct any questions to the Innovation Hub team
  6. Submit your assistance request form

Related links

Subscribe for updates

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innovationhub@asic.gov.au

News

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ASIC signs fintech Co-operation Agreement with OJK to promote innovation in financial services

21 April 2017

The Australian Securities and Investments Commission (ASIC) and Indonesia's Otoritas Jasa Keuangan (OJK) have entered a Co-operation Agreement to promote innovation in financial services in their respective markets.

Find out more


The future of fintech and regulation

21 April 2017

ASIC Chairman Greg Medcraft addressed the British Australian Fintech Forum 2017 on how ASIC is supporting fintech and innovation while ensuring trust and confidence in the financial sector.

Read the speech

More news

Events

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Icons Events Purple

Regtech and regulatory sandbox Q&A session

ASIC Commissioner John Price recently delivered a presentation to the Perth Fintech Meetup on what ASIC is doing in the regtech space, and explained the regulatory sandbox.

Read the speech and view the presentation

Podcasts

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Mark Adams on ASIC’s Regtech Roundtable

The roundtable facilitated discussion on the current regtech landscape and its development and future potential to promote good risk management and compliance outcomes, and drivers and barriers to regtech in Australia, including what the industry and ASIC can do to help promote the development and application of regtech.

Listen now or download for later

Last updated: 13/09/2016 02:56